Bloomberg

Bloomberg | Quint is a multiplatform, Indian business and financial news company. We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news, insights and trends for India’s sophisticated audiences.

GAIL Rises On CLSA Upgrade To Buy After Weak March Quarter

Shares of GAIL (India) Ltd. rose the most in nearly three weeks after brokerage CLSA upgraded its rating on the country’s largest state-run gas processing and distribution company.

CLSA upgraded the stock to ‘Buy’ from ‘Sell’ and raised the price target to Rs 405 from Rs 337.5 on lower risks from U.S. LNG with which GAIL has an import deal. “The recent crude price spike not only eliminates the U.S. LNG risk, but also boosts its core earnings per share....China demand and crude spike have turned U.S. LNG from a headwind to a tailwind,” the brokerage said in a report.